European Central Bank (ECB) Governing Council member and Bank of France head Francois Villeroy de Galhau poured cold water on a 50 bps summer rate hike expectations.
Villeroy said that a 50 bps rate hike isn't part of the central bank consensus.
Additional comments
“ECB is in the process of normalizing policy.”
“There is no trade-off between growth and inflation.”
Market reaction
EUR/USD’s upside lost traction on the above comments, as the pair now trades at 1.0705, adding 0.16% so far.
